Instinet’s JapanCrossing crossing network and CBX dark liquidity pool are at present the only active alternative trading venues to the Tokyo Stock Exchange. JapanCrossing runs scheduled matches several times a day, while CBX is a continuous matching system that runs on the same platform as Chi-X, the pan-European ATS launched by Instinet last year.
Although neither has yet posed a serious threat to the TSE, increasing frustration with the exchange’s technology, which last year suffered embarrassing glitches, has acted as a catalyst, helping to quadruple volumes on JapanCrossing to 2% of the TSE total.
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